Charter of Functions assigned to DG of Goods and Service Tax on introduction of GST

Charter of Functions assigned to DG of GST. capacity Building, R&D, Assisting Policy Wing CBEC, Link between CBEC and field formations etc.

Charter of Functions assigned to DG of GST.

No A-11013/18/2015 -Ad.IV
Government of India
Ministry of Finance
Department of Revenue
(Central Board of Excise and Customs)

New Delhi, dated  the 2nd August, 2017.

OFFICE ORDER NO. 09/Ad.IV/2017

Subject: Charter of Functions assigned to Directorate General of Goods and Service Tax on introduction of Goods and Services Tax.

In continuation of CBEC’s Order No. 05/Ad.IV/2015 vide No. A-11013/18/2015-Ad.IV dated 27.08.2015, the detailed/modified mandate of DGGST, consequent to the implementation of GST w.e.f.01.07.2017 will be as under:-

(1) Capacitv Building– Developing training modules including e-training modules; training of officers of CBEC; other Central Government agencies and State GST officers; co-ordination with NACIN and State GST training centres; vetting of training material developed by NACIN and coordination with DG NACIN for imparting training related to GST.

(2) Research and Analysis – Research and analysis of (a) Subjects relevant to GST; (b) Best practices in global environment ; (c) Database and issues relating to collection of CGST, IGST and SGST.

(3) Assist the Policy Wing of GST of CBEC.

(4) To act as a Think Tank and an intermediary between the CBEC and field formations – Examining the issues relating to GST on the basis of inputs received from trade, professionals and other stake holders and forwarding the suggestions to GST policy wing of CBEC; Coordinating with other Ministries of Centre and various state bodies for organization of outreach programmes and training sessions.

(5) Coordinating with various Directorates of CBEC. Central Government MinistriestDeoartmen ts and State/UT Government Ministries/Departments connected to GST – Examining the issues relating to GST on the basis of inputs received from Directorates of CBEC and other stakeholders and officers and forwarding the suggestions to GST policy wing of CBEC;coordination with State/UT GST policy wing .

 

(6) Information Technology – Coordination with GSTN, Directorate of System, DGARM and IT Wings of State GST; making suggestion for change in IT system based on feedbac.k from Trade, field formations , other Directorates of CBEC and other stakeholders and officers: maintaining and updating the DGGST website.

2. This issues with the approval of Chairman, CBEC.

(B Ginkhan Mang)
Under Secretary to Govt of India

Copy to:

  1. Director General,DGGST /All Directors General/Directorates under CBEC
  2. All Principal Chief Commissioners/Principal Commissioners/Commissioners of Central Excise & Customs.
  3. PS to FM/PS to MOS(R).
  4. PS to Secretary (Revenue) .
  5. 5. PS to Chairman, CBEC/All Members.CBEC .
  6. 6. PS to Commissioner (Coord)
  7. Dir(Ad.II)/Dir(Ad.II. A &.B)/Dir(Ad.IV/IVA)/DS(Ad.III.A/Ad.III.B).
  8. Webmaster , DG(Sytems). with request to upload the order on the official website of CBEC
  9. Guard File. 

(B Ginkhan Mang)
Under Secretary to Govt of India

 

Margin Trading Facility by stock broker to clients-SEBI clarification

Margin Trading Facility by stock broker to clients-SEBI clarification.Stock brokers may borrow funds by issuance of CP/unsecured long term loans from their promoters and directors. 

Margin Trading Facility by stock broker

Securities & Exchange Board of India

CIRCULAR

CIR/MRD/DP/ 86/2017

August 01, 2017

To,
All Stock Exchanges

Dear Sir/Madam,

Sub: Margin Trading Facility- Clarification

1. SEBI vide circular CIR/MRD/DP/54/2017 dated June 13, 2017 prescribed comprehensive framework for permitting stock brokers to provide margin trading facility to their clients.

2. Representations have been received from the Stock brokers and their Association requesting to enable them to utilize funds from sources other than Banks and NonBanking Financial Company (NBFCs) for extending margin trading facility. Stock brokers have further represented that currently various sources of borrowing by way of issuance of Commercial Paper (CP) & unsecured loans from directors & promoters are available for brokers in the normal course of business. Therefore Stock brokers have requested that for the purpose of providing Margin Trading facility also, they may be allowed to borrow funds from these sources.

3. Accordingly, it is clarified that Stock brokers may borrow funds by way of issuance of CP and by way of unsecured long term loans from their promoters and directors. The borrowing by way of issuance of CPs shall be subject to compliance with appropriate RBI Guidelines. The borrowing by way of unsecured long term loans from the promoters and directors shall be subject to the appropriate provisions of Companies Act.

4. A stock broker shall not be permitted to borrow funds from any other source, except the sources stated at para 3 above.

5. The conditions stated at para 14 of circular dated June 13, 2017 shall stand modified as above. All other conditions stated in the circular CIR/MRD/DP/54/2017 dated June 13, 2017 remain unchanged.

6. The Stock Exchanges are advised to:-

6.1. take necessary steps and put in place necessary systems for implementation of this circular.

6.2. make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision.

6.3. bring the provisions of this circular to the notice of the member brokers of the stock exchange and also disseminate the circular on the website.

7. This circular is being issued in exercise of the powers conferred by Section 11 (1) of Securities and Exchange Board of India Act, 1992 to protect the interest of investors in securities and to promote the development of, and to regulate the securities market.

Yours faithfully

Susanta Kumar Das
Deputy General Manager
e-mail: susantad@sebi.gov.in